July / August 2013 Issue

The regulatory environment in Europe is a patchwork of different regimes. Nathalie Grenewitz of German law firm Bödecker Ernst & Partners, and Nicolas Mordaunt-Crook of Lefèvre Pelletier & Associés examine the intricacies of the German and French tax and regulatory regimes in particular and assess their impact on private debt funds.

Although the availability of bank funding for infrastructure projects may be waning, one thing that isn’t going away is the need for public private partnerships to bring in much-needed investment in infrastructure.

From the trading floor of Japanese bank Mizuho to chief executive of one of Europe’s largest private debt firms, Jeremy Ghose has come a long way. He sits down with Oliver Smiddy to explain the firm’s plans to develop 3iDM into a global heavyweight.

The fate of Yankee Candle is uncertain after a terminated sale and a scuttled refinancing. Sam Sutton investigates the conclusions that can be drawn and looks at what’s gone wrong with an American high street stalwart

A thriving shadow-banking market has developed to cater to Chinese SMEs’ lending needs, writes Adamas’ Barry Lau, but institutional debt funds should look to supplant less sophisticated forms of financing.

Canny CLO managers have diversified into other credit instruments so as to avoid becoming a hostage to unfavourable market conditions, whilst a brave few are starting to raise new vehicles. But that still leaves a big hole in European liquidity once the previous generation of funds reach the end of their reinvestment periods. Magda Ali reports.